The boss of Superdry has said the retailer is “turning a corner” after the company returned to revenue growth in the last quarter of the financial year.
In its latest trading update, the Cheltenham-headquartered firm reported group revenue had increased 1.9% year-on-year in the fourth quarter as Covid-related restrictions eased.
For the full year, Superdry’s revenue was down 21.1% to £556.1m, but its adjusted loss before tax was £12.6m, compared with £41.8m for 2020.
The business said the drop in revenue was a reflection of pandemic disruption, which resulted in 39% of store days lost, compared to just 10% the year previously.
Superdry said cost saving measures and government support had helped to offset trading shortfalls, however. It also said liquidity “remained strong” with net cash up 6.0% at £38.9m.
Chief executive Julian Dunkerton said he was “really proud” of how the business had stepped up and returned to revenue growth in the last quarter.
“Store and wholesale revenues are recovering well despite continued subdued footfall, and e-commerce margin is benefitting from our return to a full price stance,” he said.
“We have used this time effectively to accelerate our brand reset and put the business in the best possible position for the future.”
Superdry also said it had “strengthened its team” with the appointment of Shaun Wills as chief financial officer, Silvana Bonello as chief operating officer and Peter Sjӧlander as chairman.
Mr Dunkerton added: “I’m in no doubt that we’re turning the corner and there’s a lot to be excited about.
“Trading has been encouraging since the reopening of our stores, and we’ll take a big step forward as a brand with the opening of our global flagship store in Oxford Street later in the autumn.
“Whilst a lot remains uncertain, I’m looking ahead to 2022 and beyond with real confidence as we deliver our reset.”
Superdry’s board decided not to propose a final dividend for the financial year 2021.
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